Demand for Intelligent Transportation System and Impact of COVID-19……..


An ‘Intelligent Transportation System’ improves the performance of a transportation network, enables multimodal transport, optimizes fuel consumption and helps reducing risk of road accidents. It achieves this by integrating the transportation network with ICT (Information and Communications Technology). The system can also be extended for rail, water and air transport and navigation systems. Real-time data is collected through sensors, video surveillance devices, navigation systems and vehicle probes and it is further analyzed and communicated to the user via internet, dynamic sign boards, mobile telephony, etc. These systems are used for boosting the overall safety as well as increasing the efficiency of the operation of public transit systems. Application areas of Intelligent Transportation System include traffic management, parking management, automotive telematics, road user charging, road safety and security, freight management (commercial) and environment protection.
The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.
The global intelligent transportation system market size is projected to reach USD 51.09 billion by 2025, at a CAGR of 10.5% over the forecast period, according to a new report by Grand View Research, Inc. Road traffic related deaths have been increasing over the past few years. The usage of ITS to reduce road accidents and to increase safety, in general, is a major driving force for the ITS market. The demand for Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication to enhance the road safety is expected to gain momentum over the next few years.
An effective transportation system is critical for the socio-economic development of any country. ITS associations estimate that the use of systems, such as the Advanced Traffic Management Systems (ATMS) effectively reduce the travel time by 25% and the waiting time at a signal by 20% to 30%. They also help curb emissions of greenhouse gasses such as methane, carbon dioxide, and nitrous oxide. The use of Electronic Tolling Systems (ETS) and ramp metering systems also helps reduce the traffic congestion and maintain the overall traffic flow. The limited space for transportation network expansion is expected to further impact congestion costs, which in turn will fuel the demand over the forecast period.
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Intelligent transportation system helps improve the supply chain process performance and yields a high benefit to cost ratio; deploying these systems results in a significantly high ratio (8:1) as compared to a traditional transportation network. Users can also cut down on costs through real-time transportation systems. On account of these factors, transportation service providers have increased the investment in ITS over the past few years.
Further key findings from the study suggest:
·         Advanced public transport system is expected to witness the fastest CAGR of 12.1% from 2019 to 2025
·         Stringent regulations to improve driver safety in developed markets of Europe and North America are expected to contribute to the ITS market growth
·         The U.S. road tolling systems segment is expected to expand at a CAGR of 7.1%, while public transport segment is projected to witness the highest CAGR of 8.6% over the forecast period
·         Asia Pacific is expected to grow at a significant CAGR of 13% during the forecast period, owing to increasing government initiatives and deployments of ITS 
The global Intelligent Transportation System (ITS) market was valued at USD 25.58 billion in 2018 and is anticipated to register a CAGR of 10.5% over the forecast period. The need for presenting real-time traffic information to drivers and passengers is one of the key factors driving the demand for ITS.
High traffic congestion due to rising number of vehicles has contributed to the need for advanced public traffic management systems. Subsequent need for smart vehicles with public-private partnerships is foreseen to be a major growth driver. Numerous initiatives undertaken to deploy advanced traffic management systems such as Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication is also projected to be observed as some of the key growth strategies.
Various economies are dealing with growing traffic concerns and are deploying new systems that integrate communication and electronic technologies. Improved mobility for freight and consumers including better access to transportation is projected to augment the deployment of ITS systems over the forecast period.
Improvement in traffic management and emergency services empowers authorities to quickly respond to emergencies and accidents with more efficiency. The usage of such systems maximizes efficiency in traffic management and shortens the travel duration. The use of public transportation results in the reduction of airborne pollutants and carbon dioxide emissions.
Asia Pacific is estimated to be the fastest-growing region over the forecast period. The implementation of ITS in various economies, such as India and Hong Kong, is contributing to the growth. For instance, the government of Hong Kong is funding the deployment of ITS, which ensures safety and efficiency of their transportation systems.
High benefit to cost ratio strongly influences the transportation authorities and vehicle owners to invest in this technology. Key applications of connected vehicle technologies include Vehicle to Vehicle (V2V) communication, vehicle to Infrastructure (V2I) communication, environment application, and mobility application. 
On the basis of application, the Intelligent Transportation System (ITS) market can be classified into traffic management, environment protection, freight management, public transport, road safety and security, automotive telematics, road user charging, and parking management. 
The U.S. traffic management application segment is expected to reach USD 3.83 billion at a CAGR of 7.45% from 2019 to 2025. ITS deployment is largely driven by government regulations in Europe and North America. Traffic management systems enhance reliability and operation performance of road networks. They include vehicle detection systems, bridge traffic management systems, and ramp metering systems, among others. Increasing traffic jams result in fuel wastage, traffic time, and monetary losses. They also adversely impact socio-economic growth and development of a country. Therefore, traffic management systems are deployed to minimize the financial burden on transportation authorities and governments.
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Grand View Research has segmented the global Intelligent Transportation System market on the basis of application, type:
Intelligent Transportation System Type Outlook (Revenue, USD Million, 2015 - 2025)
·         ATIS
·         ATMS
·         ATPS
·         APTS
·         EMS
Intelligent Transportation System Application Type Outlook (Revenue, USD Million, 2015 - 2025)
·         Traffic Management
·         Road Safety and Security
·         Freight Management
·         Public Transport
·         Environment Protection
·         Automotive Telematics
·         Parking Management
·         Road Tolling System
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.





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